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Tax deduction at source (TDS), Financial Year is, therefore, the year in…
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Financial Year is, therefore, the year in which business people, salaried professionals, and senior citizens earn their money
In contrast, the following year is the Assessment Year, where the income that has been previously earned gets evaluated
Monthly Rent details as per the Rent Receipt /Lease Deed. Submission of Lease Deed, Landlord PAN No and payment proof are mandatory, as applicable.
Original Rent Receipts every month (with Revenue Stamp above Rs. 4999/-) or Rent Agreement. Receipt should contain PAN of Landlord if Rent for the year exceeds one Lakh
For a metro city, the HRA is 50% of salary (Basic +DA)
For a non-metro city, the HRA is 40% of salary (Basic + DA)
If the Preferred Tax Regime is not selected by Employee, then Use the default Tax Regime based on the Configuration
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Salary Declaration will be collected from the Employee for the respective Financial Year with applicable Salary, Bonuses and Other Receivables
The concept of TDS was introduced with the aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make a payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government
A Tax Regime is a set of laws governing the imposition and computation of taxation. Tax regimes vary widely based on the types of taxes covered, the tax bases covered, exemptions from tax allowed, and the tax calculation method employed for a particular taxpayer
The calculation of income tax is based on income tax slab rates in which, different tax rates are applicable based on the type of tax payer and the income earned during the applicable financial year.: In simple terms, it means that you pay taxes based on your income